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Dec 31, 2022
Manitowoc Q4 2022 Earnings Report
Manitowoc experienced a revenue increase and adjusted EBITDA growth, but reported a net loss due to non-cash asset impairment charges.
Key Takeaways
Manitowoc reported a 24.9% increase in net sales to $621.6 million for the fourth quarter of 2022. Adjusted EBITDA increased by 50.6% to $51.5 million. However, the company reported a net loss of $144.1 million, or $(4.10) per diluted share, which included non-cash asset impairment charges of $171.9 million.
Net sales increased by 24.9% year-over-year to $621.6 million.
Adjusted EBITDA rose by 50.6% year-over-year to $51.5 million.
Diluted loss per share was $(4.10), including a non-cash impairment charge of $(4.89), or $0.74 on an adjusted basis.
Net cash provided by operating activities was $80.2 million, with free cash flows of $50.2 million.
Forward Guidance
Manitowoc provided full-year 2023 guidance, including net sales of approximately $2.0 billion to $2.1 billion and adjusted EBITDA of approximately $130 million to $160 million.
Positive Outlook
- Net sales - approximately $2.0 billion to $2.1 billion
- Adjusted EBITDA - approximately $130 million to $160 million
- Depreciation and amortization - approximately $60 million to $65 million
- Interest expense - approximately $31 million to $33 million
- Provision for income taxes, excluding discrete items - approximately $13 million to $17 million
Challenges Ahead
- Adjusted diluted earnings per share - approximately $0.35 to $1.15
- Capital expenditures - approximately $65 million to $75 million, of which approximately $20 million to $25 million is for rental fleet growth and $20 million to $25 million will be funded from sales of the existing rental fleet
Historical Earnings Impact
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Avg. Return Before/After Earnings
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